Managing Director of depository: Board approval for appointment, term limits, disqualifications, removal, and core compliance duties. Regulation 26 requires Board approval for appointment, renewal and termination of a depository's Managing Director; sets five year appointment terms with a cumulative ten year cap and an age limit of sixty five; prescribes disqualifications regarding shareholding and concurrent positions; allows specified non executive public or educational board roles with approval; permits removal by the governing board with Board approval or directly by the Board after hearing; and assigns core duties including overall management, regulatory compliance, risk management, and ensuring adequate infrastructure.